Question

Revenue is reported on the income statement in the period earned. The accounting concept supporting this reporting is

a. the cash basis principle.
b. the adjusting principle.
c. the revenue recognition principle.
d. the income statement principle.

Answer 1

The right answer for the question that is being asked and shown above is that: "c. the revenue recognition principle. " Revenue is reported on the income statement in the period earned. The accounting concept supporting this reporting is the revenue recognition principle.